In August 2024, it was reported that Intel was trying hard to save costs even if it meant reducing its workforce by at least 15 per cent. That means, it planned to let go over 15,000 of its team members, to gain from cost savings of about $10 billion for 2025. The company is gearing to complete that target of 15,000 by end of this year. That is why the next couple of weeks will be witness to the impacted employees being notified.
Many have already accepted the voluntary early retirement scheme and bid farewell to the company last month, bringing Intel closer to its target of 15,000 job cuts.
As was indicated earlier, the list of people whose jobs will be cut have already been submitted by the managers to their senior managers and notices to this effect will be issued by next week. Pat Gelsinger, CEO, Intel had conveyed to the employees that those affected would be informed by the middle of October, and the process of layoffs seems to be on schedule.
Intel had reportedly decided in August 2024, to reduce expenditure in the research and development division, as well as its marketing unit by billions, annually, for the next two years. It had planned to reduce capital expenses by 20 per cent and discontinue all “non-essential” work. The ongoing projects and existing equipment were being reviewed thoroughly. Gelsinger had also informed the employees of the downsizing plans by mail.
